Company seeks dispensation for shareholders' meeting, approved Scheme of Amalgamation with Nokia Siemens Networks. The company applied for dispensation of a shareholders' meeting under section 891(4) of the Companies Act, 1956 to approve a Scheme of Amalgamation with ...
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Company seeks dispensation for shareholders' meeting, approved Scheme of Amalgamation with Nokia Siemens Networks.
The company applied for dispensation of a shareholders' meeting under section 891(4) of the Companies Act, 1956 to approve a Scheme of Amalgamation with Nokia Siemens Networks Private Limited. The Board of Directors approved the scheme, and with consent from shareholders and creditors, the court dispensed with the meetings. The application was disposed of, with a directive to file the petition within 30 days.
Issues involved: Application for dispensation of shareholders' meeting u/s 891(4) of the Companies Act, 1956 for approval of Scheme of Amalgamation.
Summary: The company, incorporated in 1993, engaged in electronic and communication devices, sought dispensation of shareholders' meeting for approving a Scheme of Amalgamation with Nokia Siemens Networks Private Limited. The Board of Directors approved the scheme, beneficial for both companies. With consent from 100% shareholders, two secured creditors, and majority of unsecured creditors, the court dispensed with the meetings. The application was disposed of, with a direction to file the petition within 30 days.
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